Good entrepreneurs should know how to leverage innovation in small business. However, there are still some who does not understand how to take advantage of innovating and often believe that business innovation is just for large companies that employ inventors and scientists, and have large research and development department.
The truth is; many small enterprises can enjoy significant benefits from well designed business innovation strategy. In some cases, small businesses can do a better job at identifying and innovation than large corporations. This can be achieved by developing innovative ideas.
The good thing about small businesses is that they can act quickly to take advantage of creative ideas and acquire those ideas into the market by incorporating them into their product or service. This “quick move” gives the smaller company a competitive edge when they are “first to market” with a new product or a new feature.
If you’re a small business manager or entrepreneur, don’t think that innovation is limited to large companies. You can take advantage from leveraging innovation just as much (or more) than a large corporation. The world has seen it happen hundreds of times.
If you want to learn more about the advantages of innovation in entrepreneurship, check out this post from ABC Australia: http://www.abc.net.au/local/audio/2016/07/13/4499941.htm